Key information regarding Seadrill Limited's emergence from Chapter 11

Hamilton, Bermuda | 22 February 2022: Reference is made to the stock exchange announcement by Seadrill Limited (the "Company") earlier today, where the Company announced its emergence from Chapter 11 after successfully completing its reorganization pursuant to its Plan of Reorganization (the "Plan"). Pursuant to the Plan, and as further set out in the stock exchange notice announced earlier, the new parent company for the Seadrill group, whose name will be changed on or about the date of emergence to Seadrill Limited, will have approximately 50,000,000 new common shares issued and outstanding (the "New Common Shares") on the Effective Date (as defined therein).

- Date on which the terms and conditions of the issuance of the New Common Shares were announced: 22 February 2022

- Last day including: 22 February 2022

- Ex-date: 23 February 2022

- Record date: 24 February 2022

- Exchange ratio: 0.00124519 New Common Shares per existing common share of the Company

- ISIN for the New Common Shares: BMG7997W1029

Delivery of the New Common Shares will be made as soon as possible, and subject to appropriate arrangements being confirmed with Euronext Securities Oslo. Subject to certain approvals, it is expected that New Common Shares will initially be listed at the Euronext Expand market of the Oslo Stock Exchange in the second quarter of 2022, and ultimately listed on the Oslo Stock Exchange and New York Stock Exchange once all listing rules are satisfied. Further details in respect of the New Common Shares will be set out in a listing prospectus which will be approved by the Norwegian Financial Supervisory Authority and published prior to such listing.

This information is subject to the disclosure requirements of the Oslo Stock Exchange pursuant to Oslo Rule Book II – Issuer Rules.

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.